This bill would create a tax on individuals with more than $1 million in income, affecting less than 0.5% of Washington's population. Creates a 9.9% income tax starting in 2028 on individuals with Washington taxable income above $1,000,000. This subset of WA residents would pay the tax on all their income; while non WA residents would only be taxed on income earned from WA-based sources. Real estate gains and many family business sales are exempt. This new tax would fund K–12, healthcare, expand the Working Families Tax Credit, and would end sales tax on basic hygiene items for everyone. It would boost small-businesses with B&O (Business and Occupation) tax relief and include 5% funding for county public defense.
